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<br /> <br /> <br />Tax Capacity 2019 2020 2021 <br />Real Estate/Personal Property 16,714,369 17,860,900 18,672,508 <br />Tax IncrementDistricts (345,318) (273,444) (362,116) <br />SubͲTotal 16,369,051 17,587,456 18,310,392 <br />Fiscal Disparities: <br />Contribution (2,174,854) (2,627,733) (2,626,682) <br />Distribution 1,218,312 1,304,870 1,360,649 <br />Total Tax Capacity 15,412,509 16,264,593 17,044,359 <br />PercentChange 4.5% 5.5% 4.8% <br /> <br />MarketValuebasedrate <br />MarketValuebasedratesarecalculatedbydividingthelevybythetaxablemarketvalueofall <br />propertieswithinthecity.Taxablemarketvalueiscalculatedbytakingthemarketvalueofall <br />propertieslessexclusionsandlimitationsassetbytheStateLegislature. <br /> <br />MarketValueDetermination <br />ThecountyAssessordeterminesthemarketvalueofpropertiesthroughassessment,theuseof <br />actualsalesdata,andeconomictrends.Thetaxesthatarecollectedin2021arebasedonthe <br />assessmentofmarketvaluesfor2020,whicharecertifiedtotheCountyAssessoronJanuary2, <br />2020andrelatetosalesanddatainformationfrom2019.Allassessmentsaresubjecttoreview <br />bytheMinnesotaDepartmentofRevenue.TheStaterequiresthatpropertyvaluesbewithin <br />90%to105%ofactualsalesoverall. <br /> <br />TruthͲInͲTaxationPublicHearing <br />EachyearinlateNovemberorearlyDecember,Statutesrequireallcounties,schooldistricts, <br />andcitieswithapopulationover2,500toholdapublichearingtodiscusstheproposedbudget <br />andpropertytaxlevies.Aspartofthisprocess,eachpropertyissentbythecountyaTruthͲInͲ <br />Taxationnoticewhichshowstheimpactsoftheproposedleviesontheirindividualproperty. <br />Thepublichearingissetasaforumforcitizenstocomeanddiscusstheirviewsonthe <br />proposedbudgetandpropertytaxlevieswiththepublicofficialsofeachjurisdiction. <br /> <br /> <br />14